Russia's richest man closer to owning Nets

EAST RUTHERFORD, N.J. - (AP) - The richest man in Russia isanother step closer to owning the New Jersey Nets.

Mikhail Prokhorov's Onexim Sports and Entertainment Holdings andthe development company that owns the Nets announced on Wednesdaythat they had completed their agreement to create a partnership forowning the NBA team and developing the Atlantic Yards project inNew York City.

The agreement provides for the sale of 80 percent of the Netsand 45 percent of a new Nets arena to Prokhorov's Onexim, subjectto approval by the NBA Board of Governors.

It also includes an option for Prokhorov to acquire up to 20percent of Atlantic Yards, which would surround the new BarclaysCenter arena with apartments and office towers on 22 acres inBrooklyn.

Forest City Ratner Cos., which is led by Nets majority ownerBruce Ratner, and Nets Sports and Entertainment signed a letter ofintent with Prokhorov on Sept. 23.

Wednesday's announcement came one day after Forest City Ratnerannounced that $511 million in tax-free bonds for the BarclaysCenter had been sold. Project opponents had hoped the bond salewould fall flat and end the project.

advertisement | advertise on News 12

Trending Video

At least six people have been arrested and 1 Six arrested, 4 more sought in Coney Island gang assault video
VIDEO: Interview with SUNY Old Westbury President Dr. 2 VIDEO: Interview with SUNY Old Westbury president
Candlelight vigil held Monday for the 2 Bellport 3 Vigil held for Bellport students murdered in Central Islip
VIDEO: Interview with former Suffolk County Executive Steve 4 VIDEO: Interview with former Suffolk County Executive Steve Levy
News 12 viewers took to Facebook to discuss 5 The Buzz: 8-year-old wanders out of charter school, found walking along train tracks

advertisement | advertise on News 12


Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.